31, 2015 and for the year ended December 31 2014 7. Deferred financing costs Deb: issuance costs xinprs4ng regal fees, which were Incurred by both Core and Enka in establishing their loan ?scribes with the Standard Bank of South Africa Limited CStandard Barge), have been deferred on tne balance sheet and we

r only when certain flue profitability targets of the Operating Entities are met Refer to the table below for a listing d the shareholder roans for Core and Enka, respectively Eat % Outstanding amount Match 31, Decent., 31. Figures M ZAR '000 shareholding 2016 2014 SEGP Renewable Energy Scutum Africa

amount for the years ended December 31. 2014 and 2013 7. Deferred financing costs OM issuance costs, compming legal fees wech were incurred by both Core and Enka in estadishing their loan beiges with ter Standard Bark of South Afnca Longed ('Standard Banc'). have been deferred on the balance sheet and are ama

become repayable on demand after the long-tarn third party debt has been repaid Refer to the table below for a listing al the snareholder loans for Core and Enka. respectively. Figures In MR *COO Outstanding amount shareholding December 31, 2014 December 31, 2013 SECP Renewable Energy Southern Afnca Pr